Shell and BP signed contracts with Libya’s state oil firm, Bloomberg reported

Shell and BP signed contracts with Libya’s state oil firm, Bloomberg reported

Royal Dutch Shell and British Petroleum agreed to annual deals to buy Libyan crude, underscoring how Libya’s recovering production and improving security are enticing some of the world’s largest oil companies, reported Bloomberg.

Shell’s deal with Libya’s National Oil Corp. was the first of its kind since 2013, and Europe’s biggest oil company will load its first cargo under the contract within days, according to people familiar with the matter, who asked not to be identified because they’re not authorized to talk to the media. BP, which didn’t have a term deal in 2017, also reached an agreement for this year, the people said, Bloomberg added.

Shell is set to start loading 600,000 barrels of crude from Zueitina port on Saturday, the company’s first direct loading from Libya in years.